Which type of loan features steady interest rates for the duration of the loan?

a.
point-based mortgage

b.
fixed rate mortgage

c.
adjustable rate mortgage

d.
balloon mortgage

Hi,

I would say that it’s C - adjustable rate mortgage

Anyone please correct me if I am wrong

Option C is the answer.

Step-by-step explanation:

The answer is : Adjustable rate mortgage has a feature of steady interest rate for the duration of the loan.  An adjustable rate mortgage is a type of mortgage where the interest rate varies throughout the life of the loan.

Point based mortgages have discount points that are paid to the lender at the time of closing deal ,in exchange for a reduced interest rate. This is not the answer.

In Fixed rate mortgage, the interest rate on the note remains the same through the term of the loan. This is not the answer.

A balloon mortgage is a mortgage where a large portion of the loan is repaid in a single payment at the end of the loan period. This is not the answer.

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step-by-step explanation: